The Hit List is a look at our current swing trading positions. Stocks we are already in have “triggered”, while those we are considering for plays have not triggered. Click post title to view print-friendly link.
AA & DRIV stopped, EAT triggered, RRC triggered & stop raised
Open Position Notes:
EAT triggered a short entry today as it finally broke the rising trend line I’ve been watching for the past several days. Today’s move helps to further carve out the lower-high scenario on the chart, which is encouraging to see. This one did finish near the trigger, so I’m going to be patient with it to see if it can get going better, but the stock does now look technically poised for lower prices going forward.
RRC triggered a buy today as it cleared resistance at $39.60, and the stock never looked back. Today’s move brought several characteristics I always like to see, such as a strong intraday trend, a finish near the highs, and an expansion in volume. This stock looks poised for follow through, and given the solid start to the trade, I’ve adjusted my stop tonight in order to reduce my risk. If it can reach Target 1, I’ll look to make another adjustment to my stop. So far, so good…let’s see if some follow through comes along.
Closed Positions:
AA was getting close to Target 2 after last week’s big rally, so I tightened my stop for remaining shares (after booking 1/2 at Target 1) in order to reduce my risk and lock in solid gains if the stock happened to pull back. Today I was stopped out on remaining shares for a 5.7% gain, moving me back to the sidelines for this stock. It’s in a good uptrend, so I’ll keep an eye on it in case it sets up for another entry.
DRIV hesitated to move higher after triggering an entry last week, elevating my concern a bit for the trade given all the strength in the overall market. My stop was moved over the weekend to just beneath breakeven, and I was taken out this morning for a $0.29 loss (0.78%) as the stock pulled back. It did rally back to finish positive on the session, leaving me to feel somewhat shaken-out, but the trend is still up and if another setup for entry presents itself, I’ll consider another play.
